TEHRAN, Sept 03 -U.S. stocks were set to open lower on Tuesday, as Washington’s new round of tariffs on some Chinese goods kicked in and after a report that officials from both sides were struggling to decide on the schedule for a meeting this month.
TEHRAN, Young Journalists Club (YJC) -Shares of trade-sensitive industrial bellwethers Caterpillar Inc (CAT.N) and Boeing Co (BA.N) fell about 2% each in premarket trading, while those of Apple Inc (AAPL.O) fell 1%.
The tariffs that went into effect on Sunday are making investors increasingly cynical toward the trade war, which has dominated economic headlines for over a year, Peter Cardillo, chief market economist at Spartan Capital Securities in New York said.
A monthly survey on manufacturing activity by the Institute for Supply Management, due at 10 a.m. ET, is expected to shed some light on the impact of the trade war on the U.S. industrial sector.
The ISM manufacturing Purchasing Managers’ Index (PMI) is expected to dip to 51.1 in August, from 51.2 in the month before.
Although U.S. factory activity has been slowing in recent months, the ISM’s index has so far stayed above 50, indicating expansion in the sector.
“We’re getting very close to a contraction and obviously if we get any number in today’s report that does take us even closer then that would be one more nail in the coffin in terms of economic weakness,” Cardillo said.
Source:reuters
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